Funding · Commerce & Consumer Brands

Material Depot raises $10m Series A from Accel and Stellaris

By Startup Enthusiast · 5 February 2026

What they do

Material Depot sells tiles and flooring through online discovery and offline experience centres

The company raised $10 million in a Series A round co-led by Accel and Stellaris

This funding supports expansion to 30+ centres and new product categories like bathroom fittings

Material Depot has raised $10 million in a Series A funding round.
The round was co-led by Accel and Stellaris Venture Partners.
Participants included Whiteboard Capital, DeVC, Soma Capital, and MyAsiaVC.
Angel investors such as Ramakant Sharma and Ankit Nagori also participated.
Founders Manish Reddy and Sarthak Agrawal are leading the company's growth.
The startup plans to scale its physical presence significantly with this capital.
Previous funding totaled approximately $14.5 million including a seed round.
The company aims to reach a customer base of over 50,000 users.

The Indian home interiors market is valued at $14 billion and remains fragmented.
Consumer awareness has increased due to social media platforms like Instagram and Pinterest.
Material Depot differentiates itself by focusing purely on materials rather than design-build services.
The company operates an asset-light model with low minimum order quantities for suppliers.
Break-even on capital expenditure per centre is expected within 12 to 18 months.

Material Depot offers an omnichannel model combining online discovery with offline experience centres.
It lists over 300,000 materials including tiles, laminates, wallpapers, and wooden flooring.
Approximately 60% of its portfolio consists of private labels manufactured by Indian vendors.
About 10% of products are imported from countries like China, South Korea, and Vietnam.
The customer mix comprises 60-70% end consumers and 30-40% professionals like architects.
Over 80% of customers discover products online before visiting physical experience centres.
The company currently operates three experience centres located entirely in Bengaluru.
Material Depot serves more than 15,000 customers with a multi-crore annualised run rate.
It uses AI-driven curation and 3D visualization to enhance the user browsing experience.

Material Depot plans to expand to 30+ experience centres within 12-18 months.
The next city for expansion is Hyderabad, targeted within three months.
After Hyderabad, the company will target 3-4 major metros.
Funds will strengthen the tech stack, supply chain, and AI capabilities.
The company intends to introduce bathroom fittings to its product portfolio.
Material Depot aims to grow its customer base to over 50,000 users.

Accel (co-lead) — Global venture capital firm known for investments in consumer internet and enterprise software.
Stellaris Venture Partners (co-lead) — Indian venture capital firm focusing on early-stage technology startups.
Whiteboard Capital (participant) — Venture capital firm investing in high-growth technology companies.
DeVC (participant) — Venture capital firm focused on deep tech and sustainability ventures.
Soma Capital (participant) — Investment firm supporting innovative businesses across various sectors.
MyAsiaVC (participant) — Venture fund targeting high-potential startups in Asia.

Product: Curated marketplace for construction, interior design, and home decor materials like tiles, laminates, and more.
Customers: Interior designers, contractors, and homeowners looking for home interior materials.
How it makes money: Operates as a marketplace, earning commission on transactions.
What sets it apart: Curated selection and technology-driven supply chain and inventory management.
Operations: Operates experience centres for in-person viewing and online platform.